What will you do if/when the Govn't does away with IBR?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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Columbia Law
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What will you do if/when the Govn't does away with IBR?

Postby Columbia Law » Wed Jan 05, 2011 1:37 pm

Or even says, "Nah man, fuck you," when the time comes to actually forgive the debt?

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bk1
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Re: What will you do if/when the Govn't does away with IBR?

Postby bk1 » Wed Jan 05, 2011 1:37 pm

Secede.

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plenipotentiary
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Re: What will you do if/when the Govn't does away with IBR?

Postby plenipotentiary » Wed Jan 05, 2011 1:38 pm

Revolt.

Fark-o-vision
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Re: What will you do if/when the Govn't does away with IBR?

Postby Fark-o-vision » Wed Jan 05, 2011 1:46 pm

I like this conversation. It implies that if the government were in such a bad way that getting rid of IBR made good sense, without grandfathering us in, we wouldn't all have a lot more important things to worry.

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IAFG
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Re: What will you do if/when the Govn't does away with IBR?

Postby IAFG » Wed Jan 05, 2011 1:48 pm

Fark-o-vision wrote:I like this conversation. It implies that if the government were in such a bad way that getting rid of IBR made good sense, without grandfathering us in, we wouldn't all have a lot more important things to worry.

The government would never let millions of homeowners be foreclosed on!

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swc65
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Re: What will you do if/when the Govn't does away with IBR?

Postby swc65 » Wed Jan 05, 2011 1:50 pm

^^ Perfect analogy :( Also not the point of post. Poster is just saying that if it came to removing IBR, we are probably facing a ton of other problems that are way worse.


There are also a million threads on this.

I doubt it would be possible for the government to do this for people who have already taken loans out- there are probably a lot of contractual issues.


Besides you can always just not pay, then the terms of the garnishment are very similar to IBR.

Fark-o-vision
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Re: What will you do if/when the Govn't does away with IBR?

Postby Fark-o-vision » Wed Jan 05, 2011 1:53 pm

IAFG wrote:
Fark-o-vision wrote:I like this conversation. It implies that if the government were in such a bad way that getting rid of IBR made good sense, without grandfathering us in, we wouldn't all have a lot more important things to worry.

The government would never let millions of homeowners be foreclosed on!


Who ever said that? Grandfathering is a pretty standard practice used to gain support for a bill. You think even Red State Republicans want their children's loans blowing up? It's one thing to do something unpopular through inaction (though again, I'm not sure anyone ever made the claim your illustrating) but it's a whole different story to do it through policy.

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IAFG
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Re: What will you do if/when the Govn't does away with IBR?

Postby IAFG » Wed Jan 05, 2011 2:32 pm

Fark-o-vision wrote:
IAFG wrote:
Fark-o-vision wrote:I like this conversation. It implies that if the government were in such a bad way that getting rid of IBR made good sense, without grandfathering us in, we wouldn't all have a lot more important things to worry.

The government would never let millions of homeowners be foreclosed on!


Who ever said that? Grandfathering is a pretty standard practice used to gain support for a bill. You think even Red State Republicans want their children's loans blowing up? It's one thing to do something unpopular through inaction (though again, I'm not sure anyone ever made the claim your illustrating) but it's a whole different story to do it through policy.

IBR is so new that it's not going to impact tons of people, so it isn't like tons of kids' loans will be "blowing up," they'll just be in the position people were prior to 2007. and i don't think you're going to find tons of support from the Republicans to protect the educated elite who used taxpayer money for educations that end up not paying for themselves. i'm not saying it will happen, but to assume that only a gov't meltdown would induce the Fed to phase out the program is more faith than i have in Congress.

Anonymous Loser
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Re: What will you do if/when the Govn't does away with IBR?

Postby Anonymous Loser » Wed Jan 05, 2011 2:44 pm

IAFG wrote: i don't think you're going to find tons of support from the Republicans to protect the educated elite who used taxpayer money for educations that end up not paying for themselves.


IBR received overwhelming support from Republicans in both the House and Senate when passed, why would these same Republicans now reverse themselves? If I recall correctly, the "I voted for it before I voted against it" stance has been problematic for politicians.

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Re: What will you do if/when the Govn't does away with IBR?

Postby Fark-o-vision » Thu Jan 06, 2011 1:28 am

IAFG wrote:
Fark-o-vision wrote:
IAFG wrote:
Fark-o-vision wrote:I like this conversation. It implies that if the government were in such a bad way that getting rid of IBR made good sense, without grandfathering us in, we wouldn't all have a lot more important things to worry.

The government would never let millions of homeowners be foreclosed on!


Who ever said that? Grandfathering is a pretty standard practice used to gain support for a bill. You think even Red State Republicans want their children's loans blowing up? It's one thing to do something unpopular through inaction (though again, I'm not sure anyone ever made the claim your illustrating) but it's a whole different story to do it through policy.

IBR is so new that it's not going to impact tons of people, so it isn't like tons of kids' loans will be "blowing up," they'll just be in the position people were prior to 2007. and i don't think you're going to find tons of support from the Republicans to protect the educated elite who used taxpayer money for educations that end up not paying for themselves. i'm not saying it will happen, but to assume that only a gov't meltdown would induce the Fed to phase out the program is more faith than i have in Congress.


Because you aren't particularly bright, or because you don't understand how these things work?

MrAnon
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Re: What will you do if/when the Govn't does away with IBR?

Postby MrAnon » Thu Jan 06, 2011 1:40 am

There are no contractual issues and the government can do this at any time that it pleases. In Europe right now governments are seizing pensions from private individuals. IBR is a joke compared to that.

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Bildungsroman
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Re: What will you do if/when the Govn't does away with IBR?

Postby Bildungsroman » Thu Jan 06, 2011 1:41 am

Columbia Law wrote:Or even says, "Nah man, fuck you," when the time comes to actually forgive the debt?


I'll just sell my summer home to help pay down my debt.

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IAFG
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Re: What will you do if/when the Govn't does away with IBR?

Postby IAFG » Thu Jan 06, 2011 1:46 am

Fark-o-vision wrote:
Because you aren't particularly bright, or because you don't understand how these things work?

You're being a bitch for no reason. Political whims change. It is a risk that is not unreasonable to consider if you're betting a couple hundred grand on.

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ArchRoark
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Re: What will you do if/when the Govn't does away with IBR?

Postby ArchRoark » Thu Jan 06, 2011 1:49 am

Leave the country. Three citizenships ftw.

Fark-o-vision
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Re: What will you do if/when the Govn't does away with IBR?

Postby Fark-o-vision » Thu Jan 06, 2011 2:16 am

IAFG wrote:
Fark-o-vision wrote:
Because you aren't particularly bright, or because you don't understand how these things work?

You're being a bitch for no reason. Political whims change. It is a risk that is not unreasonable to consider if you're betting a couple hundred grand on.


Absolutely unreasonable. Considering that you consider this a political "whim" when the average lawyer--not to mention the average PhD, Doctor, etc.--graduates with a hundred thousand plus in debt indicates only further that only my original possibilities exist. You think red stater's haven't overpaid for MBA's and JD's that will never, ever pay off? The fact is that IBR can be rolled back, though the likelihood is minimal, but if it does those of us who took out loans now will be grandfathered in. If we are reduced to Greek like austerity measures, have fun eating what you kill. Because that is literally what every person in America, if not on Earth, will be reduced to.

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Borhas
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Re: What will you do if/when the Govn't does away with IBR?

Postby Borhas » Thu Jan 06, 2011 2:17 am

Columbia Law wrote:Or even says, "Nah man, fuck you," when the time comes to actually forgive the debt?

join the military

09042014
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Re: What will you do if/when the Govn't does away with IBR?

Postby 09042014 » Thu Jan 06, 2011 2:58 am

Eh, it's probably too small a program to get noticed by anyone anyway.

It won't really cost any money until 2017, and won't explode until 2033 when the 25 year thing happens.

The real problem is that the tax bomb for the 25 year program still exists. I dunno if you can get that passed in this climate.

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2Serious4Numbers
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Re: What will you do if/when the Govn't does away with IBR?

Postby 2Serious4Numbers » Thu Jan 06, 2011 3:01 am

Run like the wind... Towards the nearest airport

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T6Hopeful
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Re: What will you do if/when the Govn't does away with IBR?

Postby T6Hopeful » Fri Jan 07, 2011 1:54 am

Borhas wrote:
Columbia Law wrote:Or even says, "Nah man, fuck you," when the time comes to actually forgive the debt?

join the military

That, and/or weep heavily, using my degree as a tissue.

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Grizz
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Re: What will you do if/when the Govn't does away with IBR?

Postby Grizz » Fri Jan 07, 2011 1:58 am

Image

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dresden doll
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Re: What will you do if/when the Govn't does away with IBR?

Postby dresden doll » Fri Jan 07, 2011 2:21 am

I'll have myself deported.

Seriously, though, OP is a troll. And at least T14ers have LRAPs to back them up.




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